Another dip into the rainy day fund?

In a move that could help free up money for spending in the next two years, the Senate Finance Committee voted unanimously to spend $3.97 billion from the rain-day fund to fill the current year’s deficit.

The House also has passed a separate bill that specifies spending cuts to help fill the rest of the current year’s budget hole.

An amendment to HB275 by Finance Chairman Steve Ogden, R-Bryan, would take about an extra $800 million from the rainy day fund so that it would cover the entire budget hole.

If the Senate also backs the House-approved spending cuts in the current fiscal year, that would seem to give lawmakers $800 million extra to help soften proposed future cuts.

Asked if the move would make that much money available to help fill the revenue shortfall through the next two years, Ogden said, “It could.”

He wouldn’t say much else.

Asked if he has any indication the expenditure would be acceptable to the House, he said, “No, but the indication is it’s acceptable to … the Senate Finance Committee.

“Don’t ask me what the House thinks, because I don’t know.”

Because the $3.9 billion would be devoted to the current deficit, it would require approval of three-fifths of lawmakers. Spending money from the rainy-day fund for the next two years would require a two-thirds vote.

The state faces a shortfall estimated at $27 billion or more though the next two years to continue the current level of services to a growing population. The deficit in the current fiscal year is part of the shortfall estimate.

Gov. Rick Perry and House leaders have said they are willing to spend about $3.2 billion from the rainy day fund to help meet the current deficit. Perry has stood against dipping into the fund again for the next two years, saying the money should be saved fro the future.